HD Hyundai Co. announced on Monday that it signed a business agreement with Naver Corp. for digital transformation (DX), cloud transformation, and artificial intelligence (AI) commercialization. The two companies plan to work together on HD Hyundai’s cloud transformation, support for utilizing Naver’s large language model (LLM) AI HyperCLOVA X, infrastructure enhancement for the cloud business, and promoting digital applications for HD Hyundai Marine Solution. HD Hyundai will implement generative AI (GenAI) services by applying HyperCLOVA X to its extensive shipbuilding and maritime database of over 200 million records. There are ...

The Korean government and three major Korean shipbuilders — HD Korea Shipbuilding & Offshore Engineering (KSOE), Samsung Heavy Industries, and Hanwha Ocean — will invest 9 trillion won to secure future super-wide gap technologies for the Korean shipbuilding industry. The Ministry of Trade, Industry and Energy (MOTIE) announced on March 5 that it has launched the K-Shipbuilding Next Generation Initiative, a platform for government-public-private cooperation, in order to discuss the direction of the Korean shipbuilding industry’s transformation and to review export and current strategies in the Korean shipbuilding industry. At ...

The three largest shipbuilders in South Korea have reported annual earnings that improved from a year earlier, thanks to the reduction of nonprofitable orders dating back to a leaner period. Domestic leader HD Korea Shipbuilding & Offshore Engineering notched its first operating profit in three years in 2023, swinging to earnings of 282.3 billion won ($212.6 million) from a 356 billion won loss in 2022. Sales jumped 23% on the year to 21.2 trillion won. Both sales and operating profit at HD Korea Shipbuilding are projected to grow further this ...

Amid a deepening supply shortage of very large crude carriers (VLCCs), orders for these oil carrier vessels are surging in 2024. Korean shipbuilders are actively engaging in new VLCC bid after excluding these vessels from their portfolio until recently due to their relatively low value compared to liquefied natural gas (LNG) carriers. HD Korea Shipbuilding & Offshore Engineering Co. and Hanwha Ocean Co. secured two VLCC orders respectively in February 2024, the first time that Korean shipbuilders secured VLCC orders in about three years. “Korean shipbuilders see the break-even point ...

The current rules regarding maritime GHG emission reductions and, for example, the EU green deal are pushing further maritime industry decarbonization in practice. Shipping decarbonization consists of a combination of operational and technical means of energy saving, exhaust gas after treatment such as carbon capture and, of course, clean fuels. Low-carbon fuel utilization alone can take us to our target but, since money typically steers our world and our resources are limited, the entire “decarbonization mix” is needed! I decided to write a blog series this year that is dedicated ...

South Korea’s HD Hyundai Marine Solution said on Friday that it signed a contract with the Greece-based Neptune to deliver engine part load optimization (EPLO) services for four pure car and truck carriers (PCTCs). EPLO is the green technology solution that helps improve fuel efficiency and reduce carbon emissions. It fine-tunes engine performance by adjusting the turbocharger, fuel injection timing, quantity, and air-to-fuel mix ratio based on engine output. This approach not only boosts engine performance but also extends its lifespan and lowers maintenance costs by preventing carbon deposit buildup. ...

Korean shipbuilders overtook China in terms of ship order intake in February to take the number one spot in the global market. According to Clarkson Research, a British shipbuilding and shipping market analysis firm, global ship orders totaled 3.4 million CGT (100 ships) in February, of which Korea won 1.71 million CGT (28 ships). An order rally by Korea’s three major shipbuilders continued in the global shipbuilding market, too. Amid rising ship prices, HD Korea Shipbuilding & Offshore Engineering (KSOE) recently won orders for four liquefied natural gas (LNG) carriers, ...

A study led by GTT Group, Lloyd’s Register and Shell International Trading and Shipping Company Limited concludes that inspection intervals for LNG carrier membrane tanks could be safely extended thanks to monitoring technology and predictive maintenance. The International Gas Carriers (IGC) Code and IACS UR Z16 rules require Liquefied Natural Gas (LNG) carrier cargo tanks to be inspected internally every five years. This joint study explored whether this interval could be extended in the framework of an alternative survey plan (ASP) with consideration to the implications on the associated risk ...

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has won orders worth 2.7 trillion won ($2 billion) from clients based in Oceania and Europe to build a total of 14 carriers. The orders, clinched between Feb. 24 and March 1, consists of four liquefied natural gas (LNG) carriers, two Pure Car and Truck Carriers (PCTC), two Very Large Crude Carriers (VLCC), two mid-sized liquefied petroleum gas (LPG) carriers and four petrochemical vessels. The contract for the construction of the four LNG carriers came from an Oceania-based company with a planned ...

Hanwha Ocean announced on March 4 that it signed a memorandum of agreement (MOA) to build 12 liquefied natural gas (LNG) carriers with a Middle Eastern shipping company. Hanwha Ocean did not disclose the client but it is believed to be Qatar Energy, the state-run energy company of Qatar. Qatar Energy signed a memorandum of understanding (MOU) to order LNG carriers with three Korean shipbuilders and held contract discussions with them in 2020. In 2023, HD Hyundai Heavy Industries (HHI) won orders for 17 LNG carriers worth about 5.2511 trillion ...

Since the beginning of this year, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has achieved over 50 percent of its 2024 annual order target within just two months. HD KSOE announced on March 4 that it had signed construction contracts for two medium-sized liquefied petroleum gas (LPG) carriers with a European shipping company and four product carriers (PC) for petroleum chemical products with a shipping company in Oceania. The total contract amount is 586 billion won (US$439.61 million). This comprises 214.7 billion won for two LPG carriers and 371.3 ...

Korean shipyard Samsung Heavy Industries said Monday it has clinched a 198.8 billion-won (US$149 million) order to build a shuttle tanker for an Oceanian shipper. The vessel will be delivered to the undisclosed shipping company by the end of August 2026, Samsung Heavy said in a regulatory filing. A shuttle tanker refers to an oil tanker operating between offshore oilfields and oil plants on land to transport crude. The shipyard has clinched $3.8 billion-worth of orders to build 18 ships so far this year, or 39 percent of its yearly ...

Veer is one step closer to deploying the first clean container ship to cross an ocean. Veer’s breakthrough first ship design, ‘’Design Nº1’’, will be the first absolutezero-emission (as defined by the International Maritime Organization) container ship capable of crossing an ocean. ‘’Design Nº1’’ has been selected by the European Maritime Safety Agency (EMSA) as an exemplary vessel used in two industry studies, one on wind propulsion and one on hydrogen propulsion. Veer has secured €50M Letter of Intent L.O.I. to finance the design and construction of these revolutionary ships, ...

Hyundai Heavy Industries Power Systems (HPS), together with HD Korea Shipbuilding & Offshore Engineering (KSOE) and CE-TEK has signed a joint development program agreement for the research and development of Onboard CCS demonstration units. The Onboard CCS demonstration unit is scheduled to undergo commissioning and performance testing in the first half of 2025. Installation will take place at the Hyundai Heavy Industries Carbon Neutrality Demonstration Center site in Ulsan. CE-TEK is tasked with developing the most optimal solvent for Onboard CCS, utilizing its proven solvent technology, which has demonstrated outstanding ...

HD Hyundai Shipbuilding & Offshore Engineering, HD Hyundai Heavy Industries (HHI), Hyundai Mipo Shipbuilding, and Hyundai Samho Heavy Industries announced on Feb. 28 that they recently held a Marine Platform Technology Council meeting with Siemens Digital Industries Software at Hyundai Mipo Shipyard in Ulsan, Korea. The Marine Platform Technology Council aims to review the current status of an integrated design and production platform currently under construction by key executives from HD Hyundai and Siemens. The meeting was attended by more than 30 executives from each company who reviewed the status ...